[SevvteBill,  No  168] 

SENATE,  D'cemVr  '>8,  18(5  3  —Tlpa-1  first  nnd  secon  I   times,  and 
ordered  to  be  pl.«ced  upon  the  Calendar  anl  piiutei. 

I  By  Mr.  Semmes,  from  the  Committee  on  Finance.] 


A.   BILL 

To  be  entitled  An  Act  to  provide  for  a  new  issue  of  treasury  notcSj. 
and  for  fan  ling  all  such  notes  now  outstanding. 

1  Section  I.   The  Ciiignss  of  the  Cunftderate  States  of  Am2  ica  do 

2  enact.  That  no  treayury  note  outstanding  at  the  time  of  the  pas- 
5  sage  of  this  act  shall  be  receivable  in  payment  of  public  dues,  or 

4  fundable  after  the  day  of                         ,  in  the  year  1364, 

5  east  of  the  Mississippi  river,  or  after  the  day  of 

6  ,  west  of  the  Mississippi  river,  but  until  the  privilege  of 

7  funding   is  taken  away,   as  above  prescribed,  all  treasury  not>  ^ 

8  outstanding  as   aforesaid,  shall  be  fundable    in    bonds    payab.e 

9  twenty  years  after  their  date,  and  bearing  interest  at  the  rate  of 

10  six  per  cent,  per  annum,  payable  serai  annually — the  said  six  p:r 

1 1  cent,  bonds  to  be  taxable  as  other  property  :  Provided,  however^ 
13  That  all  holders  of  said  treasury  notes  shall  be  allowed  until  the 
13  funding  privilege  ceases  at  the  times  and  places  above  prescribed, 
1  i  to  fund  the   same  in  bonds  of  the  Confederate  States,  payable 


B  , 

15  twenty  years  after  their  date,  arul  bearing  interest  at  the  rate  of 

16  fjiir  per  cent.  p?r  anninn,  payahlj  semi-annuilly,  and    the  sii«l 

17  four  per  cent,   bond?   shall    never    be  t^xecl    by  the  Confederate 

18  States,  in  piincipal  or  inter,  st;  and  a'l  holders  of  bond.-i  or  stock 

19  oT  iho  Coiifodcrate  States,  beaiiiig  interest  at  ihc  rate  of  six  per 
2')  cent,  per  annum,  or  more,  i-h.ill  be  allowed  to  exch:inge  the  same 
21  at  pir,  for  the  said  four  per  cent,  bonds. 

1  Sf.c    2.  That  after    the  psssago  of  tliis^  act,  the    Secretary  of 

2  the  T.easury  shall  proceed  to  issue  *reasurj'  notes  to  the  amount 

3  of  two  hui.dred  and  fifty  millions  of  dollars,  which  shall  be  piy- 

4  able  two  years  after  the  ratification  of  a  treaty  of  peace  between 

5  the  Confederate  States  and  the  United  States,  and  receivable  in 
G  pajment  of  all  public  dues  oxcopt  the  export  duty  on  cotton,  and 

7  such  other  dues  as  may  be  declared  payable  in  specie  only,  and 

8  the  sail  notes  may   be  converted  into  call  certificates,  as  hereto- 

9  fore,  the  said  certificates  to  beir  interest  at  the  rate  of  three  per 

10  cent,  per  annum,  and  to  be  reconvertible,  at  the  pleasure  of  the 

11  holder.     And    the  faiih  of  the  Government   is  hereby  pledged 

12  that  the  issue  of  said  treasury  notes  and  call  certificates  shall  not 

13  exceed  the  amount  cf  two  hundred  and  fifty  millions  of  dollars,  du- 

14  jing  ihe}car  18G4,  or  thesum  of  two  hundred  millions  of  dollars 

15  during  the  year  ISjo,  or  any  year  thereafter  during  the  war.  And 
I  J  the  Secretary  of  the  Treasury  is  hereby  directed  to  cause  fifty  mil- 
17  lions  cf  said  treasury  notes  to  le  cancelled,  after  being  collected 


3 

18  for  taxes,  or  by  the  sale  of  bonds,  during  the  year  18C4  ;  but  tli3 

ID  Secretary  of  tlae  Treasury    miy.  at  his  uiscreiion,  reissue  saitl 

20  treasury  notes,  or  rephce  them  with  now  notes,  so    long  as    the 

21  Avhole  sum  outstanling  shall  not  be  increased  thereby  beyond 

22  the  limits  herein  prescribed:   Provided,  Tkat  sail]  trea-ury  notes 

23  shall  not   be  fun  lable  at  the  pleasure  of  thj  holdjr. 

1  Sec.  3.  That  aM  call  certificates  oustanding  at  the  time  of  the 

2  passage  of  this  act  shall  cease  tube  reconvertible  after  the 

S  day  of                   ,  in  the  year  1S(j4,  east  of  the  Mississippi  river, 

4  and  after  the  day  of                   ,  in  the  year   1864,  west  of 

5  the  Mississippi  river,   and  all  call  certificates   not   reconverted 

6  within  the  periods,  and  at  the  places  above  prescribed,  shall  be 

7  deemed    and  c>:nsi  lered  four   per   cent,    bond.s,  payable    twenty 

8  years  after  the  date  of  the  'lassagc  of  this  act,  the  interest  pay- 

9  able  semi-annually. 

1  Sec.  W.  That  any  holder  of  treasury  notes,  outstanding  at  the 

2  passage  of  this  act,  depositing  said  notes  for  the  purpose  of  fund- 

3  ing  them,  in  compliance  with  the  provisions  of  this  act,  shall  be 
'^4  allowed  to  take  one-tenth  of  the  amount  so  dcpoiited  in  the  new 

5  issua  of  treasury  notes  hereinbefore  provided  for. 

1  Sec.  5  That  if  any  bank  of  deposit  shall  give  its  depositors  the 

2  said   four   per  cent,  bonds   in   exchange    for  their    deposits,  and 

3  specify  the  same  on  the  bonds  by  some  distinctive  mark  or  token, 

4  to  bo  agreed  upon  with  the  Secretary  of  the  Treasury,  then  the 


4 

5  sail!   depositor  shall    be  entitled  to  receive    the  amount  of  said 

6  bond.s  in  treasury  notes  bearing  no  interest,  and  outstanding   at 

7  the  passage  of  this   act :  ProvUed,  That  the  said  bonds  are  pre- 

8  scnted  before  the  privilege  of  funding  said  notes  shall  cease,  as 

9  hereinbefore  prescribed. 

1  Sec.  6.  That  after  the  passage  of  this  act,  all  authority  hereto- 

2  fore  given    to  the  Secretary  of  t^3  Treasury  to  issue  treasury 

3  notes  &hall  be,  and  is  hereby,  revoked,  and  all  acts  and  parts  of 

4  acts  are  hereby  lepealed,  so   far  as  they  may  conflict  with    the 

5  provisions  of  this  act:  Provided,  however,  That  nothing  herein 

6  contained  shall  be  so  construed  as  to  apply  to  the  treasury  notes 

7  of  a  denomination  less  than  five  dollars,  which  have  been,  or  may 

8  be  issued,  according  to  law. 


